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Letter to the Editor
Friday November 15
SAFECO Prices Stock Offering at $33 Per Share
SAFECO Corp. has priced its previously announced public offering of 9.1 million shares of common stock at $33 per share. All of the shares are being sold by SAFECO.SAFECO expects to use the net proceeds from the offering for general corporate purposes that may include contributions to operating subsidiaries to support growth, and the repayment or purchase of outstanding indebtedness.
Underwriters for the offering include Goldman, Sachs & Co., lead managing underwriter, as well as Lehman Brothers, Morgan Stanley, and Credit Suisse First Boston, each a co-managing underwriter. The underwriters have the option to purchase up to an additional 1,365,000 shares pursuant to an over-allotment option.
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